Zim Integrated Shipping Services swung to a net profit of $81 million in the fourth quarter of 2009 from a $199 million loss a year ago as it increased container traffic from the previous three months.
This narrowed the Israeli ocean carrier's full year net loss to $332 million from $432 million in 2008, parent Israel Corp. reported.
Zim's revenue rose to $688 million in the final three months of 2009 from $596 million in July-September quarter as traffic rose to 498,000 20-foot equivalent units from 455,000 TEUs.
Zim came close to financial collapse in 2009 and was bailed out by Israel Corp., which injected $450 million into its 99 percent owned carrier as part of a rescue package that involved a debt rescheduling agreement with bondholders, creditor banks and shipyards.
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